BackIndiabulls Housing board approves raising ₹35,000 cr via NCDs; declares final dividend of ₹1.25 per share for FY23
Indiabulls Housing Finance board has also recommended a final dividend of ₹1.25 per equity share translating to 62.5% on face value of ₹2 each for the financial year ended March 31, 2023, subject to approval of members at the ensuing Annual General Meeting, it added.
PremiumIndiabulls Housing Finance board of directors on Friday approved raising up to ₹35,000 crore via issue of debt securities. It has also approved a final dividend of ₹1.25 per share for FY23.
“… the board has approved..to raise funds through issue of NCDs and/or Bonds, not in the nature of equity shares, upto ₹35,000 Crore, in one or more tranches, on private placement basis, till one year post receipt of shareholders’ authorization in the ensuing AGM," Indiabulls Housing Finance said in a regulatory filing.
The Board has also recommended a final dividend of ₹1.25 per equity share translating to 62.5% on face value of ₹2 each for the financial year ended March 31, 2023, subject to approval of members at the ensuing Annual General Meeting, it added.
Moreover, based on the recommendations of the Nomination and Remuneration Committee, the Board of Directors has appointed Rajiv Gupta, Director & Chief Executive Officer of LIC HFL Asset Management Company Ltd, as Life Insurance Corporation of India (LIC) Nominee Director, on the Board of the Company.
LIC is presently the largest bond holder of the company holding ₹9,550 crore of the bonds outstanding. LIC is also the largest institutional shareholder of the company with 8.44% holding as on June 30, 2023.
At 1:10 pm, the shares of Indiabulls Housing Finance were trading 8.27% higher at ₹138.10 apiece on the BSE.
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